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Grant Programs

Spencer Quality Housing Initiative Grant: Farmers Bank is a participating lender for grants up to $15,000 for new construction of new mid-range personal residences in Spencer. Learn More. Application (PDF)

Home$tart Grant: Receive up to $5,000 in grant funds for the down payment and/or closing costs for the purchase of your home. The Home$tart program is available to qualifying home buyers earning up to 80% of area median income. For more information, contact us

Iowa Finance Authority Plus Program: Offers qualified home buyers affordable mortgage financing with up to $2,500 in entry cost assistance. The grant must be used in conjunction with the FirstHome program and eligibility requirements apply.

Mortgage Options

First-Time Home Buyers: Farmers Bank is Preferred FirstHome and FirstHome Plus lender, providing special financing options to first-time home buyers. For more information, contact a Farmers Bank real estate specialist or go to

Fixed Rate Mortgages: Interest rate and monthly payments stay the same for the life of the loan. A good choice if you plan to stay in your home for more than 5 years.

Adjustable Rate Mortgages: Initial interest rate is generally lower than fixed rate offering. Interest rate is adjusted up or down (based on market conditions) on a regular basis so monthly payment would also adjust up or down over time.

Government Loans: For information and current interest rates on Federal Housing Administration (FHA), Veteran Affairs (VA), or Guaranteed Rural Housing loans, call, come in, or send us a secure message

Home Equity Line of Credit: Using the equity in your home may be a good way to finance home improvements, consolidate debt or make a consumer purchase. You will receive a preferred rate on your credit line and the interest you pay may be tax deductible. (Consult your tax advisor about your individual tax situation.) Once your application is approved and your line of credit is determined, you can access your account whenever you need to by simply writing a check. 

To learn more or apply for any type of home mortgage loan, call, come in to visit with Rita Hoffman, Ryan Davelaar, or send us a secure message.